Housing costs in Paterson?
A typical home costs
$417,000, which is 23.3% more expensive than the national average of
$338,100 and 3.5% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Paterson costs
$1,650 per month, which is 3.5% cheaper than the national average of
$1,710 and 31.5% cheaper than the state average of
$2,170.
Can I afford Paterson?
To live comfortably in Paterson (zip 07502), New Jersey, a minimum annual income of
$79,920 for a family, and
$56,800 for a single person is recommended.
What does A.I. say about Paterson?
The cost of living in 07502 Paterson, NJ is relatively low compared to other areas. According to BestPlaces, the cost of living index for 07502 Paterson, NJ is 72.64. This means that the cost of living in 07502 Paterson is 28% lower than the US average. The housing market is especially affordable; an average monthly rent for a one-bedroom apartment in 07502 costs around $1,200 USD which is much lower than many other cities in New Jersey and across the United States. Additionally, groceries and consumer goods are generally very inexpensive when compared to other places. All together, this makes 07502 an attractive place for those looking for an affordable cost of living.